Facebook’s parent company Meta Platforms reports revenue drop for the first time ever
Meta
Amid a general weakness in the digital ad market, Facebook’s parent company Meta Platforms has reported that its quarterly revenue dropped year-over-year for the first time ever.
As its profit plunged by more than a third, Meta said that its revenue missed market expectations and recently ended quarter ebbed a percent to $28.8 billion when compared to the same period a year ago.
Wedbush analyst Dan Ives told French news agency AFP that it was the first such slip at Meta in Facebook’s history.
According to IBES data from Refinitiv, experts were expecting third-quarter revenue of approximately $30.52 billion.
As companies tap the power of the internet to reach consumers, Meta’s earnings further underscored an inflation-induced slowdown in the digital ad industry.
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In terms of competition, Meta has been trying to fend off a string of challenges to its business from TikTok and Amazon.com Inc for ads.
Not only this, but Apple’s privacy changes to the mobile operating system iOS have also adversely affected Meta’s revenue.
Meta, which received a majority of its total revenue from ads, reported that it fell to $28.82 billion from $29.08 billion a year earlier for the second quarter ended June 30.
Federal regulators on Wednesday took legal action to block Facebook CEO Mark Zuckerberg from acquiring virtual reality company Within Unlimited and its fitness app Supernatural asserting that the deal would hurt competition and violate antitrust laws.
(With inputs from agencies)
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